Workers raised the alarm yesterday after material collapsed and trapped the pair about 190m underground at the mine near Taltal in Antofagasta.
Emergency services agency ONEMI said Luis Flores, 42, and Tomás Milla Álvarez, 53, were rescued just after midnight local time.
The Santiago Times reported the pair showed signs of dehydration and were sent to the Taltal hospital for a check-up.
The mine is owned by businessman Lázaro Milla, the paper said.
The rescue is in contrast to the unsuccessful search earlier this year for two missing miners at Mandalay Resources' (CN:MND) Cerro Bayo operation in Chile after the Delia NW mine flooded on June 9.
Cerro Bayo was mothballed earlier this month while the company awaits a technical investigation and risk assessment on restarting operations.